Allied Motion Announces Acquisition Of Agile Systems Inc.
Allied Motion Technologies Inc. (NASDAQ: AMOT) today announced it has completed the purchase of Agile Systems Inc. (Agile), a privately owned Canadian corporation. Allied purchased the shares of Agile and the purchase price was paid in cash at closing. Agile was founded in 1994 and is a leader in the design and development of advanced motion control technology including integrated power electronics, digital controls and network communications for motor control and power conversion. Agile, based in Waterloo, Ontario, Canada, has established customers in a range of industries and is expected to realize annual revenues approaching $3.0 million in 2010 and to be accretive to Allied Motion’s 2010 results.
“We are excited about the technology, the intellectual property, the products and the skilled personnel that Agile brings to Allied Motion,” commented Dick Warzala, President and CEO of Allied Motion. “In addition to Agile meeting the requirements of our Strategic Profile, Agile and Allied Motion share several customers in common where Allied sells motors and Agile sells controls, and now the combination of the two will allow us to provide our customers with a more complete motion system solution. The acquisition also reflects our confidence in the growth potential of the Canadian market and will provide us with a location in Canada to better service and support our customers in the region. The Agile team will work closely with our Controls Engineering team in the U.S. to design and develop electronic motion solutions that 'Raise the Bar' and provide added value for our customers. The integration process of the two companies will begin immediately and will be supported by Allied’s One Team Sales Force to leverage the products across our customer base to provide revenue growth in the future.”
Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.
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